Fastnet Underwriting Selects Applied Riskhandler to Deliver Private Motor EDI Integration for Brokers
11 December 2024
New MGA entrant to the Irish Market leverages Applied’s market leading product builder and insurer/MGA platform to distribute complex private motor products in real time
Dublin, IE – December 11, 2024 – Applied Systems Europe® today announced that Fastnet Underwriting will go live with its Private Motor Full Cycle on Applied Relay in Q4 2024. Leveraging Applied Riskhandler, Fastnet Underwriting will be able to maintain real-time control of pricing and risk acceptance, enabling the MGA to quickly go to market with new products and generate revenue with minimal build times.
“We are pleased to have engaged closely with Minister of State Richmond and the Department of Finance to create more product choice within the Irish insurance market and enter as an insurance provider to offer new, competitive products to underserved corners of the market,” said David Bolger, Chief Executive Officer, Fastnet Underwriting. “As we leverage risk rating identification and data enrichment technology to help us assess risks in these markets, Applied Riskhandler plays a critical part in building and distributing those products on Applied Relay so we can quickly enter the market and scale the business.”
Applied Riskhandler is a modern application for MGAs and other product providers that enables rapid insurance product innovation and underwriting controls for full-cycle rating, bind, referral, document generation and full-cycle policy management. The simple, unique product build and implementation support rapid deployment, control and agility for personal lines, commercial lines, and niche product distribution services.
“Technology today is allowing more MGAs to serve historically underserved markets with broader access to information and real-time integrations that allow for more customized and faster policy configuration,” said Tom Needs, Chief Executive Officer, Applied Systems Europe. “We are delighted to work with Fastnet Underwriting to enable their business to create more choice in the market and allow them to scale at speed.”
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About Applied Systems
Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.
About Fastnet Underwriting
Fastnet Underwriting is a Managing General Agent (MGA) offering private motor insurance in the Irish market. The company is based in the IFSC. The business has developed an innovative approach to underwriting, using the ID-PAL digital verification platform, data enrichment services from LexisNexis and others and the Risk Handler platform to facilitate smooth customer on-boarding and broker communication. They are committed to offering the highest level of service to brokers, backed up by a strong and experienced team. Products are distributed through the Irish insurance broker network.